The Los Angeles Lakers’ $12.5 billion sale came together at a stunning speed, with Josh Kushner and Bob Iger moving into position to take control of one of the biggest names in sports. The deal was reportedly put together in just three days, setting a new record for the value of a U.S. sports franchise.
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But even after moving that quickly, the change in ownership still has a few steps to clear before it becomes official. The NBA’s approval is still pending, and Kushner has one other piece of business to handle before he can complete the move to Los Angeles.
Kushner still owns a minority stake in the Miami Heat, and ESPN’s Brian Windhorst believes selling it could take some time. “The Heat don’t sell shares very often,” Windhorst said on The Hoop Collective. “That’s a very closely held team. That potentially could take some time.”
Kushner acquired a minority stake of less than five percent in the Heat in late 2024, after selling his roughly 2.5% stake in the Memphis Grizzlies. The Heat confirmed the Miami investment, adding that the stake was not purchased from majority owner Micky Arison or his family.
The NBA’s Constitution covers financial interests in other franchises, not just controlling ownership. Article 3 says an owner cannot hold a direct or indirect financial interest in another NBA member unless the interest is specifically disclosed and approved under the league’s ownership procedures, with a limited exception for interests of less than 1% in publicly traded securities. Kushner’s private Heat stake therefore has to be resolved before he can complete the Lakers purchase.
The Heat’s ownership structure helps explain Windhorst’s concern. The franchise has been under Arison family control for decades, with minority ownership interests changing hands far less often than the kind of transactions seen in some other NBA teams. Kushner’s own purchase in 2024 was notable because the Heat confirmed it was not a sale of shares from Arison or his family.
Still, there is no reported delay to the Lakers sale at this point. There is also no public indication that Kushner has found a buyer for his Heat stake or that the stake is already being marketed. Windhorst only said the sale could take time, not that it would hold up the Lakers transaction.
This is not the first indication that ownership transitions for the Lakers can take some time. Mark Walter, who is also the owner of the Los Angeles Dodgers, became the majority owner of the Lakers in October 2025 when he purchased the team from Jeanie Buss and her family for around $10 billion.
While the ownership group works through those remaining steps, Kushner and Iger have already made clear how they want to approach their time with the Lakers.
Josh Kushner and Bob Iger Share Their Vision for the Lakers
Kushner and Iger released a joint statement after the deal was announced, stressing their respect for the Buss family’s legacy and their long-term plans for the franchise.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles,” Kushner and Iger said in a joint statement.
Jeanie Buss is also expected to remain the Lakers’ Governor for at least five years under the agreement from Walter’s ownership transition, while the Buss family keeps its roughly 15% stake in the team. Iger has said the new group intends to honor that agreement, meaning the change in controlling ownership will not immediately end the Buss family’s role with the franchise.